Pennant joins hands with Meniga PFM as a value added partner for GCC and India.

Hyderabad- 12 December 2011: Pennant, a leading technology services and solutions provider announced that the company has recently entered into an agreement with Meniga, Sweden to distribute and implement their world’s leading personal financial management product to the banks in Middle East and Indian sub continent.

This partnership is part of Pennant’s strategic initiative to partner with innovative software product companies that compliments Pennant’s offerings in the banking and financial vertical.

Excellent understanding of the local market dynamics and greater insights to the business challenges faced by the banks enabled Pennant to better understand the local market needs and with this strategic partnership, Pennant has rightly positioned itself to offer the leading PFM solution from Meniga to the regional banking and financial sector.

Banks of all sizes across the world are increasingly realizing that that PFM is a critical part of their online banking strategy. Integrating PFM insights right from the login, will give consumers unprecedented financial oversight and control. These are critical steps necessary to transform the online banking channel into a place for their customers to manage their money, not just the basic transactional banking.

Meniga’s PFM solution automatically reads and categorizes transactions from Customer’s bank accounts and credit cards, presents the information visually and provides various intuitive tools to help customers manage their money and make money management more fun and engaging.

“In today’s ever changing economic scenario every individual is looking at controlling their expenses and plan their finances better and we see a great opportunity for financial institutions especially in the Middle East and Indian subcontinent to redefine and rejuvenate their online banking offering by giving personal finance management tools an important and unique positioning. Though there are many third party vendors offering the Personal Finance Management solutions, we see there is a fundamental advantage to the banking and financial institutions due to the significant trust built with their customers over many years.” says Rama Krishna Raju, CEO Pennant technologies.

He further says “By integrating an innovative Personal Financial management tools into their online banking channel, Banks can offer the most compelling and complete personal financial capabilities leveraging these consumer friendly applications.”

About Pennant Technologies:
Pennant Technologies is a value-driven company, based in Hyderabad, India. Pennant excelled in the Middle East banking space by offering well-integrated supporting technologies. Pennant has been delivering a variety of technological solutions and services to Middle East’s banking sector. Significantly, the technical leadership, innovation and education to excel at work were recognized as Pennant was awarded as “Best Financial Technology Company” of Asia for the year 2010.